Home battery loans made simple

Low rate home battery loans from
6.92% p.a. (comparison rate
9.01% p.a.)*Now that’s simple.

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Enjoy a low rate home battery loan that is 100% made for you

  • We reward your good credit history with even better rates ensuring the loan you end up with has been tailored for you in every way.
  • Flexible loan terms from 3 years to 7 years for loans between $2,001 and $45,000. Use funds to consolidate debt, renovate, travel and more.
  • No early repayment fees because nobody has ever said ‘yes please’ to fees.
Low Rate Personal Loans
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award winning personal loans

Getting a home battery loan is as easy as 1, 2, 3.

Estimate

Takes 1 minute and won’t impact your credit score

Application

Takes 5 minutes and can conveniently be done online

Approval

You may be instantly conditionally approved

Installation

Funds will be transferred directly to the installer

You’ve got questions we’ve got answers.

What is a home battery loan?

A home battery loan is a form of unsecured personal loan that you can use to purchase a home battery. This offers you a flexible way to boost the sustainability of your home and make the most of renewable power sources, such as home solar panels.

Why consider a home battery loan?

A home battery is an energy storage device that allows homeowners to collect electricity generated throughout the day and then use it to power their home during the evening. Some home batteries also function as backup power supplies, providing homeowners with electricity even during long power outages.

The versatility of home batteries—and the way in which they help consumers maximise the value of their solar arrays—has led to a huge surge in demand. The number of home batteries installed in Australia tripled in 2017, to almost 21,000, and grew to around 33,000 in 2018. If you’d like to maximise the usefulness of your home solar array, then a home battery represents a sensible investment. Don’t have the necessary cash on hand? A personal loan with RateSetter will offer you competitive rates, consistent repayments, and, best of all, an affordable way to make your home more sustainable.

How does a home battery loan work?

A home battery loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify for a personal loan, you must submit an application and agree to a credit check that takes into account your borrowing history, employment status, credit score, and other factors. If you are eligible for any subsidies, such as under the South Australia Home Battery Scheme, these will be applied to your loan before it’s processed.

What are the benefits of a home battery loan?

Personal loans, including home battery loans, allow you to enjoy a lower interest rate than you would receive with a credit card and also offer a consistent repayment schedule. Many personal loans give you the flexibility to make early repayments, allowing you to reduce the length of your loan and minimise the amount you pay in interest.

What can I use a home battery loan for?

You can use a home battery loan purchase a range of home battery products, including:

It’s important to note that not all home battery products are eligible for a green loan (or government subsidy). Renewable energy products, including home batteries, must meet strict standards of efficiency and performance. In order for a battery storage unit, or associated technology to that meet the Australian Standards, they must:

a. recharge from renewable sources, including both solar photovoltaic systems and/or wind generation systems; and
b. integrate as part of a behind the meter renewable generation project. The installer must be accredited by the Clean Energy Council (design and install) with storage (for grid connected systems) endorsement.

The installer must also be accredited by the Clean Energy Council (design and install) with storage (for grid connected systems) endorsement.

How much does a home battery loan cost?

Home battery loans generally have three components that that affect the total cost over the life of the loan:

  • the interest rate (this may be fixed or variable)
  • a one-time establishment fee
  • ongoing fees (such as account maintenance fees, late payment fees, and other charges)
Personal Loan Rates, Fees & Charges
Term3 YearYear 4Year 56 Year7 Year
Loan TypeFixed Fixed Fixed Fixed Fixed
Interest Rate 6.92%
6.92%

6.92%

6.92%

6.92%
Comparison Rate*from 9.01% from 8.74% from 8.83% from 8.83% from 8.83%
Credit Assistance Feefrom
$300
from
$300
from
$300
from
$300
from
$300
Monthly Feesfrom
$3
from
$4
from
$4
from
$4
from
$4
Early Repayment Fees$0$0$0$0$0

These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different home battery loans to find the one that best suits your needs.

For an overview of fees and charges (including interest rates) associated with RateSetter’s battery loans, see the table below:

*Comparison rate for 3 year loans are on an unsecured renewable energy loan of $10,000 over a 36 month term. Comparison rates for 4, 5, 6 and 7 year loans are based on an unsecured renewable energy loan of $30,0000 over a 60 month term. Comparison rates shown assume customer with an excellent credit history. Rates current as at 8pm, 17 October 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates, Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Am I eligible for a home battery loan?

RateSetter provides unsecured green loans to Australian residents. Save time before applying by making sure:

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

To see if you may qualify for a RateSetter home battery loan, you can get a RateEstimate – it only takes 1 minute, and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.

In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What do I need to apply?

To apply for a home battery loan, you will need to complete our identity verification process successfully, as well as considering how suitable a home battery loan is to your current circumstances.

To complete identity verification you will need to provide one or more of the following documents:

  • Australian State or Territory-issued drivers licence
  • Australian or foreign passport
  • Address verification document such as a utility bill or tenancy agreement

These details can either be entered on our website during the application process and automatically verified online or you can upload or email them to us at contact@ratesetter.com.au.

When assessing your application, we are looking for evidence of how suitable the loan is to your current circumstances and the purpose for which you require funds. Among other things, we’ll assess your:

  • Employment stability;
  • Income;
  • Expenses;
  • Repayment history;
  • Credit bureau information; and
  • Other details you communicate to us.
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Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 6.92% p.a. the estimated total amount payable including all applicable fees is $11,458. RateSetter green loan repayment terms range from a minimum of 3 years to a maximum of 7 years. Interest rates start from 6.92% p.a. (comparison rate 9.01% p.a. to 13.96% p.a. based on your term). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 8pm, 17 October 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.